Nigerian gambling magnate Kessington Adebutu’s ownership position in Wema Bank has plummeted, losing approximately $6 million in just 25 days.
The dip comes as shares in the financial services provider continue to fall as a result of persistent selling on the Nigerian Exchange (NGX).
Adebutu, the founder and CEO of Premier Lotto Limited, Nigeria’s oldest and largest gaming company, owns a 28.09 percent ownership in Wema Bank through Neemtree Limited, a special purpose entity formed in 2013 to acquire shares in specified organizations.
Over the years, the financial services provider has evolved into one of the country’s forerunners, boasting Africa’s first totally digital bank, ALAT. With decades of experience in the financial services sector, it is also one of Nigeria’s most robust banks.
Wema Bank shares have fallen from N5.81 ($0.00749) on July 3 to N4.50 ($0.00580) at the time of publishing, as investors on the Nigerian Exchange continue to sell risky assets amid rising economic concern.
Despite the recent decrease in the financial service provider’s share price, Wema Bank remains one of the leading participants in Nigeria’s financial services scene, serving millions of consumers through its different financial services.
According to HowNG data, the market value of Kessington’s 28.09 percent interest in the Nigerian-based financial services provider has dropped by $6.1 million from N21 billion ($27.07 million) on July 3 to N16.26 billion ($21 million) as of the report’s writing, from N21 billion ($27.07 million) on July 3.
This equates to a shocking total loss of N4.7 billion ($6.1 million) for the Nigerian gaming entrepreneur over the last 25 days, which was caused by a 22.55-percentage drop in Wema Bank shares.
